"the numbers show that larger funds for whatever reason are delivering better member outcomes."
very insightful. How can you go to a conference and say bigger funds are better but we have no idea why...
oh boy. Is it that they credit returns to add onto lower years to even out returns...or simply scale means they can be flush with cash and get the best managed funds rates.
In the end, super is complex and administration is very, or too costly to make a huge margin for retail funds.